Cremorne site fetches $53.5m for Blazer founder
Vicland is paying Blazer founder Peter Murray $53.5 million for a major Cremorne development site.
The deal for 31-53 Cremorne Street values every square metre at just over $15,000.
It also reflects a major windfall for the vendor, who accrued the holding in three parts since 2015 for a speculated price of less than $20m.
Elsewhere in the area – at Garfield St, Richmond – Vicland in 2015 completed a $120m residential complex, The Hub.
In August the developer, directed by Bill McNee, sold a new nine level office in neighbouring South Yarra to German fund manager Real IS for $73.5m – a price reflecting a c4.5 per cent yield.
The group is also constructing a 10-storey office on the site of the Toorak Way arcade and car park at 489-505 Toorak Road.
That block, spreading 2594 sqm, cost Vicland c$80m in 2019.
Teska Carson’s Luke Bisset and Matthew Feld marketed 31-53 Cremorne Street, diagonally adjacent to the distinctive Hassel designed Seek headquarters (story continues below).
31-53 Cremorne Street
Vicland is expected to replace the Cremorne site, a row of warehouse-converted-offices, with a single office – likely with around 10 floors.
Mr Murray acquired the largest component of the holding – 41-53 Cremorne St – from Michael Gannon in April, 2015, for $2.875m.
In 2018, the seller paid the Schwartz family $10.12m for the neighbouring 761 sqm parcel, the ex-Pepe factory, at 33-37 Cremorne St.
Earlier this year the clothing entrepreneur secured 31 Cremorne St – on 410 sqm – for an undisclosed price speculated to circle $6m.
All up containing 3153 sqm of lettable area, Blazer occupies part of the holding as its headquarters. 2XU – a Devonport brand – gym 98 Body, Driza Bone and Frank | Body are amongst the tenants.
Subscribe to our newsletter at the bottom of this page.
